With the announcement, it's full speed ahead for SJPs' Waterfront project. Groundbreaking is now officially scheduled for next month for the property, which will comprise two 13-story towers of 550,000 sf each. The deal came down with considerable involvement by city officials in the negotiations and planning.

"This will be the centerpiece of the redevelopment on this side of the river," says SJP Properties' president/CEO Steven J. Pozycki. Adds Wiley president/CEO William J. Pesce, "by relocating to this site in Hoboken, we feel that we can create a superior office environment on attractive financial terms." The company has applied for a grant from the NJ Economic Development Authority which, if approved as expected, could be worth more than $7 million over the next 10 years.

Besides the 1.1 million sf of office space, Waterfront Corporate Center will include 50,000-sf of ground floor retail space, a full-service hotel and a residential component. Altogether, this and neighboring commercial projects, will add up to as much as 2.3 million sf of commercial space along three new city blocks adjacent to the historic Hoboken Terminal, which provides ferry service to Manhattan. The site's transportation package also includes NJ Transit trains and buses, PATH train service and the under-construction Hudson-Bergen Light Rail system.